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New home sales plunge 13% in July

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New home sales dropped in July, plummeting to 394,000 completed transactions, according to government data.

When evaluating single-family homes specifically, sales declined 13.4% in July, below the revised July rate of 455,000 units, the Census Bureau and the Department of Housing and Urban Development noted in a report released Friday.

However, this is still 6.8% above the July 2012 estimate of 369,000 units.

The median sale price of new homes sold in July reached $257,200, up from $249,700 in June. July’s average price was $322,700.

However, housing experts say it is too early to panic over the steep drop.

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